E+I Engineering hired UK advisers over sale
Donegal-based E+I Engineering last year engaged UK advisers with a view to a possible sale of the business, the Sunday Independent understands.
The company, which has its head office at Burnfoot, just across the border from Derry city manufactures electrical switchgear - equipment that regulates the flow of electricity within an electrical system. The service is valuable to data centre providers.
A spokeswoman for the company did not respond to a request for comment.
The company's most recently filed accounts, covering the year to the end of 2015, show it had profit before tax of £15.8m (€17.5m), down from £22.6m in the prior year. Turnover decreased slightly from £73.3m to £72.1m.
"The group continued with Research & Development activities during the year, with increased focus on the development of advanced technical features ... not currently available within the industry," the accounts state. "The directors are satisfied with the company's performance and believe that the company is well positioned to deliver further growth over the next few years."
Shareholders in the business were paid a dividend just under £10m.
The company is controlled by an entity called Powerbar Ltd (Cyprus), which owns 62pc of the business according to the accounts.
E+I Engineering was founded in 1986 by Philip O'Doherty. Since 2004, the company headquarters has been located in Co Donegal.
The company has embarked on a significant expansion in the US in recent years.
In 2014 it opened a new facility in South Carolina to service the market and in 2015 it extended its facilities by 110,000 sq ft. It also has a factory in the United Arab Emirates and employs some 800 people worldwide.
Sunday Indo Business